NIGERIA – Nigerian fintech start-up Bridgecard has secured a US$440,000 pre-seed funding round to expand its user base and build out its platform in Nigeria.
The pr-seed funding round was led by ABV funds with participation from Ingressive Capital, Voltron Capital, Venture Platform, Velocity Digital, and Berrywood Capita.
Other angel investors in this round include Johnson Yaya, Kennedy and Duke from Kippa, and Miracle Anyanwu.
The start-up intends to use the funds to expand the number of bank accounts that may be linked to the platform.
Bridgecard will also grow to enable crypto wallets in supported countries, increase product distribution, and resolve online and card payment issues more effectively.
Founded in October 2021 by Owumi Festus and Tunde Adewole, Bridgecard alleviates the problem of managing various bank accounts, apps, and easy access to money.
The start-up combines all cards, bank accounts, and fintech wallets into one card and an app, enabling users to conduct online transactions, pay bills, and withdraw money from any linked account within the app.
In addition, they provide a physical card that permits withdrawals from any Nigerian or international bank account as well as a dollar card with a US$10,000 monthly spending limit.
This application enables users to better manage their finances, have easier access to their funds, make foreign purchases, and protect their funds.
After a private beta period in which Bridgecard debuted to 120 customers and handled over US$70,000 in transaction volume within two months, they have recently gone public and are now accessible for download.
Bridgecard’s offers are quite distinctive, despite the fact that the company is still in its infancy in this market and there are a few items that are similar.
“We built Bridgecard because it’s quite difficult to have just one bank and even more difficult to manage funds across multiple bank accounts,” said Tunde Adewole, Bridgecard’s CEO and Co-founder.
“We wanted to solve this problem by building an operating system for money, one app where you could spend, send, and see the money in all your bank accounts and wallets.”
The firm’s long-term objective is to become the financial operating system in Nigeria and throughout Africa.
With their team and investors, they are prepared to create a long-lasting product and enhance Nigerians’ financial access and management.
The recent app release and pre-seed funding are merely the initial steps towards attaining this objective.
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